Department store operator Isetan (Singapore) is expecting to report a net loss for its 1HFY2023 ended June 30.
In an announcement dated Jul 27, the company says that this is due to the challenging environment faced by the retail segment and impairment of property, plant and equipment, and right-of-use assets relating to certain stores.
In 1HFY2021, Isetan reported earnings of $1.25 million, a reversal from a loss of $317,000 in 1HFY2020. Revenue in the same period increased by 12.84% to $38.4 million, with both higher retail sales and rental income.
However, they had warned that the retail environment remains “challenging”, and that retail revenue will still be negatively impacted over the coming months.
The company is expected to release its results by Aug 14.
Shares in Isetan closed at 3 cents higher, or 0.984% up at $3.08 on Jul 27.
